Oil Prices on the Rise

Crude oil prices witnessed a significant increase of more than 1% this Wednesday. This surge comes in the wake of reports from the American Petroleum Institute (API) indicating a substantial drop in US inventories by 4.5 million barrels last week.

Market Dynamics

The recent dip in oil prices has sparked an uptick in demand across European and Chinese markets. Additionally, escalating geopolitical tensions, including the ongoing conflict between India and Pakistan and Israel's aggressive stance against the Houthis in Yemen, are contributing to the volatility in oil prices.

Price Details

At 3:10 am ET, West Texas Intermediate (WTI) for June's settlements climbed by 1.49%, trading at $59.97 per barrel. Similarly, Brent for July deliveries saw a 1.24% increase at 3:11 am ET, reaching $62.92 per barrel.